News

Read about the latest developments at Shepherd and Wedderburn - as well as updates on the law. There are also details of our latest deals, and our media centre for journalists.

Media Releases
2007

13 June
2007

Annual results announced

  • Fee income rises by approx. 13% for the second year running
  • Corporate Finance turns in particularly strong performance
  • Aggressive growth strategy in London taking shape

Leading law firm Shepherd and Wedderburn has announced its annual fee income figures, showing a substantial rise in income from £34.6 million in 2005/6 to £39 million in 2006/7*.  This contributed to a strong year-on-year growth since 2000 of 14%.

Growth
In January 2007, the firm doubled its office space in London to meet the demands created by continuing growth.  This is in line with Shepherd and Wedderburn’s strategy of developing its practice on a UK level.  In Scotland, further consolidation returned steady growth across Aberdeen, Edinburgh and Glasgow.

Deals
The firm has acted for a selection of the UK’s largest plcs in some of the most significant deals of the year.  These included:

  • Acting for FTSE 100 client Cairn Energy in the US$6.3 billion (implied market cap.) Indian IPO of its subsidiary, Cairn India Limited
  • Advising ScottishPower in the £11.6 billion recommended offer by Iberdrola S.A., the Spanish utility company
  • Advising on Bowleven's £58 million placing and £30.1 million all share offer for First Africa
  • Acting on behalf of British Land in its capacity as property manager for the Hercules Unit Trust; closed a significant property deal for the transfer of almost one million square feet of retail property (Fort Kinnaird Retail Park in Edinburgh) worth £680 million
  • Advised on the merger of the Alliance Trust and The Second Alliance Trust by way of a scheme arrangement worth £2.5 billion

Following its involvement in the Trump deal in early 2006, the game of golf has once again played a significant part in Shepherd and Wedderburn’s dealmaking year, although not in the traditional sense.  The firm acted in the $100 million acquisition of St Andrews Bay Development Limited, the owner of St Andrews Bay Golf Resort & Spa, on behalf of Apollo Real Estate Advisers.

Capital projects has also been a strong area, with the firm advising on key public sector projects valued at a total of £344 million:

  • Schools PPP Project for City of Edinburgh Council, with a capital value of £180 million
  • Dundee City Council Schools PPP Project, with a capital value of almost £90 million, for eight new schools in the city over a 30 year term
  • £74 million Scottish Borders Council Education project was completed, to deliver three new schools in the Borders area over a 30 year period

Professional Talent
Three new partners were hired to the London operation, signifying the increasing importance of this business within the Shepherd and Wedderburn stable.  Blair Adams, Elaine Colville and Angus Rollo all came to the firm with formidable reputations in their respective fields of employment, property and corporate finance. 

At associate level, the property and commercial divisions benefited from three lateral hires in Edinburgh and Aberdeen. 

Developing the existing team also remains a focus, with promotions creating seven new partners and 11 new associates.

The number of partners at the firm now stands at 65, compared with 59 in May 2006.  

Client Wins
A number of solid client wins has helped the firm maintain its strong growth.  These include: Miller Homes; Irish Electricity Regulators; Bridge Resources Corporation; Taylor Clark; and reappointment to Taylor Woodrow Developments.

Patrick Andrews, chief executive of Shepherd and Wedderburn, said:  “At this time last year I said that we were planning to accelerate the future growth of the firm, and we have begun to deliver this through fantastic client work and some strategic lateral hires and internal promotions. 

“The next year will see the operation grow further, consolidating our position in the Scottish market and growing our London office and UK capabilities.  There are more lateral hires in the pipeline, and we are about to launch a major recruitment campaign.  I am confident that at this time next year we will be reporting on a significantly different business.”

*Stated income figures refer to total fee income billed during the period.  As a result of UITF40 (Revenue Recognition in Service Contracts) accounting changes, total income figures (including non-fee income and WIP movement in addition to pure fee income) will be published in due course.


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